“Yachting Industry is Rebounding” – NMMA President

The 70th Miami International Boat Show opened on a high note, with expectations that the yachting industry will see improvements in 2011 and that the dark days are behind it.

“We have been here before and we have come out of it,” Thom Dammrich, president of the National Marine Manufacturers Association (NMMA), reminded the yachting industry group gathered for the State of the Industry breakfast prior to the start of the Miami Boat Show. “Although the industry might not see huge growth this year, we should see a “fairly strong resurgence,” Dammrich added.

Sales of new boats dropped during the recession, but participation in boating has remained high. 2010 saw over than 66,000,000 people involved in yachting and boating.

Mr. Dammrich listed 9 reasons he believes boat and yacht sales will grow in 2011:

1. Improving consumer confidence
2. Less saving by consumers and more spending
3. Auto sales are rising
4. RV sales are growing
5. GDP is growing
6. Dealer inventories are at some of their lowest levels in history
7. The used-boat market is drying up and prices are rising on the boats that remain
8. Late-model used boats are not available
9. New models have innovations not available in the used market

Dammrich said retail sales of boats and yachts are expected to rise 10-15% in 2011.

“The worst for boating is behind us,” he added. “We have momentum on our side.”

2,000 yachting exhibitors are at this year’s Miami Boat Show and Strictly Sail Show,featuring more than 2,500 boats and yachts.

For details on Miami Boat Show times and site plans, click here.

Source: Beth Rosenberg of Soundings